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/biz/ - Business & Finance

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1177804 No.1177804 [Reply] [Original]

I don't know anything about banking. If you can recommend me any Banking 101 material, that would be nice.

When I put money in a savings account, what is the most important thing to consider? What are the most common interest rates? Is it realistic to look for a bank that provides as high as 2% interest?

Basically I've fantasized about saving up $200k ASAP, stashing it in a savings account with 2% interest, then quitting my job and retiring early in dirt-cheap place like Vietnam or the Philippines while living off of the 2% annual interest ($4000/yr or $333/mo). I don't mind living very cheaply, because as long as I don't have to deal with work stress anymore, I would be very happy living with just bare necessities. How realistic is this idea?